Air Lease Corporation (ALC) has reported a revenue increase of 23 per cent to $216m during the 3Q. Income before taxes increased 31 per cent to $75m with a pre-tax margin of 35 per cent for the three months ending September 30, 2013. This compares with $57m with a pre-tax margin of 33 per cent during the same period the year before.
“Our pre-tax profit margin of 35 per cent is the highest ALC has achieved to date. ALC’s board of directors declared $0.03 per share cash dividend, which represents a 20 per cent increase over the previous quarterly cash dividends,” explained CEO Steven Udvar-Házy. The company also re-opened its bank revolver and upsized its facility from $1.7bn to $2bn, it added three new banks and a number of existing banks increased their participation. “Our fleet of 182 aircraft continues to perform at 100 per cent utilisation with a stable overall portfolio lease rate factor. We are concluding placements in 2015 and now marketing 2016 positions and beyond with good demand,” Udvar-Házy said. ALC received an investment grade corporate and long-term debt credit rating from Standard & Poor with a BBB- with a stable outlook.